I'm trying to get 4-unit a refi on a jumbo loan. My property is a 4-unit on Russian Hill.

Asked by Bernie67, 94133 Thu Sep 29, 2011

The loan is approx $1.53m, value approx $2.0m. I can pay down the loan so it's under $1.5m. I'm having problems in one area: debt/income ratio. With just me, the ratio is 60%. My wife, however, works from home - she just went back to work after taking about a year off to take care of our newborn. If her income is included, it's 48%. She has contracts that will have her working through next summer. Both of us have credit scores above 750. Any ideas/leads on a lender that will talk to us, let me know - thanks.

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Robert Chome…, , San Diego, CA
Wed Sep 19, 2012
I would be happy to discuss with you. I have closed loans on 4 unit properties. You plan to live in the property correct? You should be able to count 75% of the rents from the units you will rent as income to help qualify. Give me a call and we can discuss.
0 votes
Dino Zuzic, Agent, San Francisco, CA
Wed Sep 19, 2012
Hi Bernie,

Try giving First Republic Bank a call:

Dyann Tresenfeld
Executive Managing Director
First Republic Bank
111 Pine Street 7th Floor
San Francisco, CA 94111
415-296-3794 (phone)
415-288-0588 (fax)
NMLS ID: 487194

Dino Zuzic, MBA - TRI Coldwell Banker
0 votes
Michael Abram, , Los Angeles, CA
Thu Sep 29, 2011
Hello Bernie67,

Rudi is right. The asset depletion program is a great way to try and qualify and bring down your ratios. You may want to look into this type of financing. Good luck!

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
0 votes
Rudi Hofmann, Mortgage Broker Or Lender, El Segundo, CA
Thu Sep 29, 2011
Your DTI is the loan killer. If you have suitable assets they may be used with an asset utilization formula to increase your qualifying income. Also, some if your tax deductions may also qualify to be included in your qualifying income. If we can get your DTI below 50% using the above methods your problem will vanish.

Happy funding, Rudi
Web Reference:  http://www.umboc.com
0 votes
Rich Bennett, Agent, San Francisco, CA
Thu Sep 29, 2011
Hi Bernie-

Are you working with a mortgage broker or your personal bank? I'm not a mortgage person but that debt to income ratio seems high. I'd be happy to pass along some mortgage person referrals with whom you can talk regarding your specific situation.


Rich Bennett, Realtor

http://www.LansingStCondo.com http://www.115-117States.com

Zephyr Real Estate
Web Reference:  http://www.RichBennettSF.com
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